FTX is moving forward with its fourth distribution to creditors, a round expected to inject roughly $2.2 billion into the market. The payout comes after a $900 million disbursement that was lined up for July 31, 2025, and marks the latest step in the exchange's long-running bankruptcy process. But not everyone will get paid this time — creditors in 45 countries are still locked out of selecting a distribution provider.
The $2.2 billion round
This fourth distribution covers multiple creditor classes. Holders of Classes 5A and 5B are set to receive 105% of their allowed plan claims, while Classes 6A and 6B get 103% and Class 7 gets 120%. Those percentages are based on a court-approved conversion table that calculates digital-asset claim values — not current crypto market prices. That means the actual dollar amount a creditor receives depends on the table, not on today's exchange rates.
45 countries blocked
Creditors in 45 countries are currently unable to select a distribution provider, meaning they may miss this payout round entirely. The list spans Afghanistan, Algeria, Bangladesh, Belarus, Burundi, Cambodia, Cameroon, Central African Republic, Chad, China, Colombia, Democratic Republic of the Congo, Republic of the Congo, Cuba, Egypt, Equatorial Guinea, Ethiopia, Fiji, Gabon, Guernsey, Honduras, Iran, Iraq, Kuwait, Lebanon, Lesotho, Libya, Macau, Malawi, Maldives, Moldova, Morocco, Myanmar (Burma), Nepal, North Korea, Qatar, Russia, Rwanda, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, Ukraine, and Western Sahara. For those on the list, there's no way to switch providers or split the distribution — the choice is final once made.
What creditors need to have done
To receive the July 31, 2025 payout, creditors had to meet several conditions: allowed claims, completed KYC by June 16, 2025, onboarded with an available provider (BitGo, Kraken, or Payoneer), submitted valid tax forms, and passed sanctions screening. Not everyone cleared that bar. Creditors who failed to onboard successfully within six months of that date — that is, by January 31, 2026 — may have forfeited their right to distributions entirely. For the fourth round, the same provider pool applies, and the same strict conditions are in place.
What happens next
FTX has not announced a specific date for the fourth distribution, but the $2.2 billion figure signals the largest single payout yet. The key question unresolved: whether the 45 blocked countries will ever get a provider option, or if those creditors are permanently shut out of the process. For now, eligible creditors with completed onboarding can expect funds to move in the coming weeks.
